1
00:00:02,520 --> 00:00:07,000
Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

2
00:00:08,560 --> 00:00:12,440
Speaker 2: The Stock Movers Report, your roundup of companies making moves

3
00:00:12,480 --> 00:00:16,600
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.

4
00:00:16,720 --> 00:00:19,680
Speaker 1: I'm Tim Stadoveek along with Carol mass Sir. Let's take

5
00:00:19,680 --> 00:00:22,040
Speaker 1: a look at some stocks on the move today. We're

6
00:00:22,079 --> 00:00:25,799
Speaker 1: joined by a Bloomberg News cross asset reporter, Emily Graffeo.

7
00:00:25,960 --> 00:00:28,479
Speaker 1: And I think, Emily, I know where you're going to.

8
00:00:28,520 --> 00:00:30,960
Speaker 3: Start, but maybe some people don't. Maybe some people are

9
00:00:31,000 --> 00:00:33,120
Speaker 3: just waking up and they don't know. The big stock

10
00:00:33,159 --> 00:00:36,240
Speaker 3: mover of the day, which of course is Advanced Micro

11
00:00:36,320 --> 00:00:40,000
Speaker 3: Devices AMD. That's the ticker as well, the chip maker,

12
00:00:40,159 --> 00:00:43,199
Speaker 3: up twenty five percent right now. It was up as

13
00:00:43,240 --> 00:00:47,440
Speaker 3: much as thirty eight percent, adding over sixty eight billion

14
00:00:47,479 --> 00:00:50,920
Speaker 3: dollars in marketcap. Of course, this is all coming after

15
00:00:50,960 --> 00:00:54,280
Speaker 3: they announced a blockbuster deal with open Ai, which is

16
00:00:54,320 --> 00:00:57,800
Speaker 3: the parent company of Chat GPT. AMD's going to be

17
00:00:57,800 --> 00:01:02,760
Speaker 3: building artificial intelligence infrastructure. This is a strategic partnership which

18
00:01:02,800 --> 00:01:05,280
Speaker 3: is going to kind of work out over multiple years.

19
00:01:05,720 --> 00:01:09,120
Speaker 3: Bloomberg's Ian King writing today that the deal represents a

20
00:01:09,200 --> 00:01:11,920
Speaker 3: high stakes test for am D. It could deliver tens

21
00:01:11,959 --> 00:01:15,119
Speaker 3: of billions of dollars in new revenue for the chip maker.

22
00:01:15,560 --> 00:01:19,080
Speaker 3: But there's also risks because it really ties AMD's prosperity

23
00:01:19,280 --> 00:01:22,160
Speaker 3: to an AI market that some worries in a bubble.

24
00:01:22,600 --> 00:01:25,199
Speaker 3: We're not seeing any of that worry kind of play

25
00:01:25,240 --> 00:01:27,959
Speaker 3: out in the stock market today though, all green on

26
00:01:28,000 --> 00:01:28,880
Speaker 3: the screen for AMD.

27
00:01:29,040 --> 00:01:31,199
Speaker 4: Everybody wants to jump on if it is a bubble

28
00:01:31,440 --> 00:01:34,240
Speaker 4: bubble it seems like in a big way, really a

29
00:01:34,240 --> 00:01:37,120
Speaker 4: lot of momentum driven out of that story and certainly

30
00:01:37,160 --> 00:01:39,240
Speaker 4: that trade. Where do you want to go next?

31
00:01:39,520 --> 00:01:43,480
Speaker 3: Verizon is another mover ticker VS falling as much as

32
00:01:43,520 --> 00:01:46,120
Speaker 3: five point three percent. It was the biggest introl day

33
00:01:46,200 --> 00:01:50,280
Speaker 3: drop since April. After they announced some management switch ups here.

34
00:01:50,320 --> 00:01:53,400
Speaker 3: So they named Dan Shulman as CEO, and he's going

35
00:01:53,440 --> 00:01:56,080
Speaker 3: to be replacing Hans Vestberg, who had led the company

36
00:01:56,160 --> 00:01:59,440
Speaker 3: since twenty eighteen. Shulman has actually been on the board

37
00:01:59,680 --> 00:02:04,000
Speaker 3: and interesting kind of circle here. He actually started his

38
00:02:04,120 --> 00:02:06,480
Speaker 3: career working at AT and T. Now i'll help you

39
00:02:06,520 --> 00:02:10,840
Speaker 3: the CEO of Verizon. But it's really coming at a

40
00:02:10,880 --> 00:02:13,840
Speaker 3: time when Verizon is losing its market share to other

41
00:02:14,000 --> 00:02:17,800
Speaker 3: mobile carriers. They're still the largest mobile carrier in the US.

42
00:02:17,800 --> 00:02:20,600
Speaker 3: But they have seen that market share slip. If you

43
00:02:20,639 --> 00:02:22,880
Speaker 3: look at what the street had to say. Key Bank

44
00:02:23,200 --> 00:02:25,760
Speaker 3: said that the move is actually a negative for Verizon

45
00:02:25,840 --> 00:02:28,440
Speaker 3: because they find the timing and the lack of consideration

46
00:02:28,480 --> 00:02:34,400
Speaker 3: of other candidates all to be interesting. So it's always

47
00:02:34,440 --> 00:02:37,480
Speaker 3: unclear when you see the stock moving lower when there's

48
00:02:37,480 --> 00:02:40,840
Speaker 3: a management shake up. But of course Vestberg's leaving the

49
00:02:40,840 --> 00:02:42,840
Speaker 3: company at a time when it's market shares.

50
00:02:42,639 --> 00:02:46,639
Speaker 1: And it was unexpected, right, unexpected announcement today. Shulman's such

51
00:02:46,639 --> 00:02:50,440
Speaker 1: an interesting choice. He was CEO and founder of Virgin Mobile,

52
00:02:50,560 --> 00:02:53,200
Speaker 1: like more than twenty years ago. He spent some time

53
00:02:53,200 --> 00:02:55,760
Speaker 1: at Sprint, Nextel. I think he's probably best known for

54
00:02:57,080 --> 00:02:59,760
Speaker 1: being at eBay and over at PayPal as well.

55
00:03:00,200 --> 00:03:02,079
Speaker 3: He was the CEO of PayPal. I think I forgot

56
00:03:02,080 --> 00:03:02,920
Speaker 3: to mention that earlier.

57
00:03:03,120 --> 00:03:09,000
Speaker 1: And Hans Vesberg at Verizon, Yeah, he's been there since

58
00:03:09,000 --> 00:03:11,440
Speaker 1: twenty eighteen, and there's it's been a little tumultuous with

59
00:03:11,520 --> 00:03:14,720
Speaker 1: the media entry that he had, like with the purchase

60
00:03:14,800 --> 00:03:18,840
Speaker 1: of Yahoo and AOL, and investors didn't necessarily love what

61
00:03:19,000 --> 00:03:21,400
Speaker 1: was going on there, but att struggled during that time too.

62
00:03:21,560 --> 00:03:25,000
Speaker 3: Yeah, I mean this is you know, it's again coming

63
00:03:25,040 --> 00:03:28,760
Speaker 3: at a time for Verizon when maybe the current CEO

64
00:03:28,960 --> 00:03:31,080
Speaker 3: the shareholders didn't like it. At least if you look

65
00:03:31,120 --> 00:03:34,760
Speaker 3: at Dan Shulman's performance as CEO of PayPal, he did

66
00:03:34,800 --> 00:03:38,320
Speaker 3: manage to kind of boost boost profit there. So maybe

67
00:03:38,320 --> 00:03:41,800
Speaker 3: we'll see the stock move higher tomorrow when this solidifies

68
00:03:41,840 --> 00:03:44,560
Speaker 3: with shaholders. But at least right now, the surprise announcement

69
00:03:44,680 --> 00:03:47,920
Speaker 3: not performing well for Frison stock.

70
00:03:48,040 --> 00:03:52,400
Speaker 4: Definitely one of the laggers in today's session. Yes, co America,

71
00:03:52,600 --> 00:03:53,320
Speaker 4: let's go there.

72
00:03:53,480 --> 00:03:56,120
Speaker 3: Okay, this is another big mover of the day, big

73
00:03:56,160 --> 00:04:00,320
Speaker 3: deal news of the day, actually the largest by thinking

74
00:04:00,800 --> 00:04:04,440
Speaker 3: merger that we've seen this year. K America Fifth Third

75
00:04:04,440 --> 00:04:07,120
Speaker 3: Bank agreed to buy Kamerica for about ten point nine

76
00:04:07,200 --> 00:04:10,640
Speaker 3: billion dollars in stock. So we saw Kamerica taker CMA

77
00:04:10,760 --> 00:04:14,680
Speaker 3: rising as much as eighteen percent now up fourteen percent.

78
00:04:14,680 --> 00:04:18,440
Speaker 3: Biggest intra day jump though since twenty twenty. On this deal,

79
00:04:19,080 --> 00:04:22,120
Speaker 3: some analysts called the financial terms of the deal compelling.

80
00:04:22,880 --> 00:04:25,080
Speaker 3: We did see Barret analysts saying the deal is a

81
00:04:25,120 --> 00:04:28,880
Speaker 3: win win for both banks, but Fifth Third stock not

82
00:04:29,120 --> 00:04:31,679
Speaker 3: seeing that as big of a jump here as k America.

83
00:04:32,120 --> 00:04:34,280
Speaker 3: You know, I think it's down right now.

84
00:04:34,360 --> 00:04:37,800
Speaker 4: Yeah, well that's the acquirer, right, so we often see

85
00:04:37,839 --> 00:04:40,320
Speaker 4: that play. But it's interesting when you said biggest bank

86
00:04:40,400 --> 00:04:42,640
Speaker 4: deal this year, and I had to go back and

87
00:04:42,760 --> 00:04:47,240
Speaker 4: be reminded of PNC Financial announcing it would take over

88
00:04:47,320 --> 00:04:52,080
Speaker 4: first bank you had Pinnacle Financial with so Novas Financial.

89
00:04:52,120 --> 00:04:54,559
Speaker 4: I mean there's been a fair amount of activity, certainly

90
00:04:54,560 --> 00:04:55,599
Speaker 4: among the regional players.

91
00:04:55,760 --> 00:04:59,360
Speaker 3: Yeah, A lot of people heading into this like this

92
00:04:59,680 --> 00:05:03,839
Speaker 3: President administration have expected that we would see more M

93
00:05:03,880 --> 00:05:07,160
Speaker 3: and A under the Trump administration, we're certainly starting to

94
00:05:07,160 --> 00:05:10,320
Speaker 3: see that pickup. And if it's not actual deals being done,

95
00:05:10,320 --> 00:05:14,880
Speaker 3: it's the strategic partnerships going back to AMD and open AI.

96
00:05:17,800 --> 00:05:22,000
Speaker 2: The Stockmover's report from Bloomberg Radio. Check back with us

97
00:05:22,040 --> 00:05:24,839
Speaker 2: throughout the day for the latest roundup of companies making

98
00:05:24,920 --> 00:05:28,520
Speaker 2: news on Wall Street and for the latest market moving headlines.

99
00:05:28,720 --> 00:05:32,760
Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg

100
00:05:32,800 --> 00:05:35,880
Speaker 2: dot com, and on Applecarplay and Android Auto with the

101
00:05:35,880 --> 00:05:37,279
Speaker 2: Bloomberg Business app.